- AVAX’s market cap dropped 40% in Q2 2024, currently at $11.6 billion.
- Forecasts predict a 70.68% price increase in the next three months.
- Revenue fell sharply, but staking activity remains strong.
Avalanche (AVAX) has faced a challenging Q2 2024. The token’s market cap and revenue have dropped significantly. AVAX saw a 40% decrease in market cap over the last quarter. This decline follows two quarters of growth. Currently, AVAX’s market cap stands at $11.6 billion. Despite this drop, it’s still up 157% from the same period last year.
Price Forecast Signal a Promising Future
Although AVAX is struggling now, the future looks bright. Analysis from CoinCheckup predicts a 70.68% price increase over the next three months. Long-term forecasts are even better, with a projected 166% growth in a year. This positive outlook indicates that AVAX could recover soon, making it an appealing option for investors.
AVAX’s revenue fell sharply in Q2 2024, dropping from 176,700 AVAX to 96,200 AVAX. This translates to a decline from $7.5 million to $3.5 million. The decrease reflects slower activity across on-chain platforms. Analysts suggest that renewed interest in on-chain transactions could boost revenue in the near future.
Despite the revenue drop, staking activity remains strong. The number of staked AVAX tokens has increased by 6% due to new measures. However, the number of active validators has fallen by 7%, showing some discomfort among validators.
Network Stability and Future Outlook
Avalanche’s network stability shows mixed results. The average transaction count is around 11,262, with an average block time of 1.61 seconds. Over 2% of coins have been sent from the Elliptic Curve Digital Signature Algorithm wallet.
Even though average transaction volumes fell by 57%, some protocols like Tether (USDT) and GMX reported increased volumes. These positive signs suggest Avalanche could rebound as the market recovers. If the projected price increases materialize, AVAX could regain momentum and attract renewed interest.
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